Factbox: European companies cut jobs as economy sputters

Umicore SA

23/09/2024 12:42

(Adds Northvolt)
       Sept 23 (Reuters) - Elevated levels of inflation and the
impact of the war in Ukraine have forced companies across Europe
to freeze hiring or cut jobs.
    Here are some of the layoffs announced since the start of
June:

    BANKS
* DNB  DNB.OL : The Norwegian lender said on Sept. 10 it would
cut the equivalent of 500 full-time jobs over the next six
months, as it prepares for lower interest rates and tougher
competition ahead.

    INDUSTRIALS AND ENGINEERING
* NORTHVOLT: The Swedish battery maker said on Sept. 23 it plans
to layoff 1,600 employees in Sweden, including 1,000 positions
at its Northvolt Ett factory in Skelleftea.
* UMICORE  UMI.BR : The Belgian metal recycling group plans to
cut 14% positions at its German automotive catalysts business by
2027, it said on June 19.

    RETAIL AND CONSUMER GOODS
* DYSON: The vacuum cleaner manufacturer said in July it would
cut about 1,000 jobs in Britain as part of global restructuring.
* UNILEVER  ULVR.L : The consumer goods giant plans to cut a
third of all office roles in Europe by the end of 2025, it said
in July.

    TELECOMS
* TELIA  TELIA.ST : The Swedish telecom operator is looking to
cut around 3,000 jobs in 2024, it said on Sept. 4.
    * VODAFONE SPAIN: The former Vodafone unit that was recently
acquired by Zegona Communications  ZEG.L  plans to cut up to
1,200 jobs, or just over a third of workforce, it said on June
12.

    PHARMA
* BAYER  BAYGn.DE : A top Bayer pharmaceutical executive said on
June 26 the group would continue slashing managerial jobs this
year as part of internal reorganization.
* INDIVIOR  INDV.L : The drugmaker said on July 9 it would cut
about 130 jobs following the discontinuation of sales of its
schizophrenia drug Perseris.

    OTHERS
* DEUTSCHE BAHN: The German rail operator said on July 25 it
planned to cut 30,000 jobs, or around 9% of staff.
* INFINEON  IFXGn.DE : The German chipmaker will cut 1,400 jobs
worldwide and relocate further 1,400 positions to countries with
lower labour costs, its CEO said on Aug. 5.
* MANCHESTER UNITED  MANU.N : The English Premier League club is
proposing to cut about 250 jobs as part of a club-wide
redundancy programme, a source close to it said on July 3.
* PKP CARGO  PKPP.WA : Poland's largest freight company plans to
lay off 30% of staff, it said on July 3.
* SHELL  SHEL.L : The energy giant plans to scale back its oil
and gas exploration and development workforce by 20%, company
sources told Reuters on Aug. 29. In Europe, the cuts are focused
in the Netherlands and Britain, they said. A Shell spokesman
would not comment on the reduction figures.
* TAMEDIA  TXGN : The Swiss media firm said on Aug. 29 it would
close two printing works and lay off almost 300 staff in a fresh
round of cost-saving measures.
* UPM  UPM.HE : The Finnish forestry group said on Aug. 21 it
would close a newsprint mill and shut down one fine paper
machine in Germany, affecting 338 jobs. It will also close its
biocomposites business by the end of 2024, affecting 59 jobs in
Finland and Germany, it said on Aug. 26.
     
    Source: Regulatory filings, Reuters articles and company
websites

 (Compiled by Agata Rybska, Louise Breusch Rasmussen, Boleslaw
Lasocki, Charlotte Eugenie Yvette Bawol, Olga Sawczuk in Gdansk
and Radhika Anilkumar in Bengaluru; Edited by Shounak Dasgupta
and Milla Nissi)
 ((mailto:agata.rybska@thomsonreuters.com))